The broad market breakout that we saw last Tuesday is pressing forward this morning. However, the price action is not exactly the 3% or so rally that exuberant traders expected to see after last evening’s news that Osama Bin Laden had been killed. Nonetheless, we are firmly in the green again.
At this point, it is quite obvious that the senior indices are short-term extended. As I wrote throughout the weekend in a series of posts, though, it is best to focus on the individual price action. As we appear to be headed higher off of the breach and confirmation of the inverted head & shoulders patterns on the S&P 500 and Nasdaq Composite Index, it will probably continue to be much more of stock picker’s market.
Top Ideas: FNSR MGM SINA WPRT WYNN
Took some off the table earlier this morning. I’ll be hand sitting while for some good entries.
“while waiting for some good entries”
nice
Thoughts on RC’s pick, QTM? like that chart.
good